FHA First Time Home-buyer in NYC

[Mathew Randolph]

I see on the NYC FHA website that the maximum allowance for a 4 unit property is $1,223,475. I also saw on the website that first time home buyer loans can be given with little to no money down < 3.5%. Does this mean that I could potentially borrow $1.2M for a quad-plex as long as I have good credit and probably a guarantor and probably PMI, with nothing out of my pocket? Basically what is the best way to take advantage of this $1.2M so that I can get started as soon as possible?

Thank you